Mark Owns a Building That He Insured for $90,000

question 43

Multiple Choice

Mark owns a building that he insured for $90,000.The replacement cost of the building is $100,000.Mark's property insurance policy has an 80 percent coinsurance clause and no deductible.If Mark's building is destroyed by a covered peril,how much will Mark receive from his insurer?

• A)$80,000
• B)$90,000
• C)$101,250
• D)$112,500

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Definitions:

Socialization

The process through which individuals learn and adapt to the norms, values, behaviors, and social skills appropriate to their society.

Symbolic-Interactionist Perspective

A sociological framework that focuses on how individuals interpret and give meaning to social symbols, interactions, and experiences, shaping their reality and societal norms.

Reflective Process

A method of critical thinking that involves examining and analyzing one's thoughts, actions, or experiences to gain new understanding or insights.

Anticipatory Socialization

The process of learning the expectations associated with a role one expects to enter in the future.